News

A new survey of expats concluded something we already knew: Panama is the best place in the world for expats.

For the second year in a row, Expat Insider’s research ranked Panama number one, beating out long-time favorites like Mexico, Spain, and Thailand. Expats are “running to Panama,” with a “staggering” 94% of expats in Panama reporting they are happy with their life abroad, Fortune magazine coverage notes.

One big reason: they’re enjoying a better quality of life for 40% less than in their home country. The overall cost of living in Panama for a single person is 36.3% lower than in the U.S. “The U.S., on the other hand, didn’t even make the top 10 or 20—instead, it was at 36,” Fortune notes.

According to studies by Global Citizens Solutions, expats can live comfortably in Panama for $2,500 a month, with that figure dropping considerably in destinations outside the city. That figure is aided by Panama’s welcoming expats programs, including its famous pensionado offers for retirees. (As a point of comparison, Fortune notes the average cost of rent in New York City is $5,242.) 

There are many factors at work, making this the perfect storm of Panama’s attractiveness. We recently wrote about the “Turmoil Effect,” the very real concept that when things get crazy in other parts of the world, people flock to Panama’s stability and tranquility.

“Westerners have been pushed over the edge: Between high living costs, hustle culture, and an overall poor quality of life, they’re flocking to Central America to find that Panama is the long-awaited solution,” the Fortune article notes. 

For the record, this wasn’t some quickie questionnaire. The study included the perspective of 10,085 expats, representing 172 nationalities living in 46 destinations. Each was asked questions across five categories: working abroad, personal finance, quality of life, expat essentials, and ease of settling in.

Panama placed in the top three for every category. The survey found that 35% of respondents were already retired, compared to 11% globally.  Panama scored particularly high in “quality of life,” where it ranked number three. Panama also scored big for the ease of mobility and the beauty of its natural environment.